Factors that could limit your ability to refinance

1. Your financial standing has changed Make sure your finances are in order. Otherwise, your lender might not approve your mortgage refinance, experts say. Applying to refinance is similar to applying for a mortgage. A change in your financial situation, like a layoff or lower income, or higher debt, could mean you don't qualify. "Your mortgage rate and whether or not you get approved for a loan or refinance ... depends on you," said Channel. Think about all of the "variables that got you approved in the first place," said Cohn, such as your credit score, your income and how much debt you've taken on recently. A change in those variables could affect your ability to be approved. 2. You haven't had your loan long enough How soon you can refinance your mortgage will depend on your loan time and lender's requirements. You can refinance within days of closing with some types of loans, while others may require a year's worth of payments, according to LendingTree. 3. You refinanced recently Technically, there are no hard limits on how many times you can refinance your mortgage, Channel said. But some lenders will have waiting periods, he said. In those scenarios, if you refinance today, you might not be able to do so again in December if rates move lower after the Fed's last meeting of the year. "While there's maybe not a hard limit on how many times you can refinance, you probably don't really want to be doing it that often," he said.

You're paying closing costs each time you refinance, "so you don't want to spend money unwisely," Cohn said. It may be in your best interest to only consider a mortgage refinance every few years, if your financial situation has changed or if rates are falling "really dramatically," Channel explained. "Otherwise, you put yourself in a situation where you've spent so much money refinancing that your monthly savings don't really account for much," he said.

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